Sydney father and friends build overseas property portfolio

While purchasing property in Sydney remains increasingly out of reach for many, one Sydney father and his group of friends found an alternative property venture in Lombok. Stephen Jones and his friends first purchased a block of land around early 2022 in Kuta in South Lombok, where they constructed a three-bedroom, three-bathroom villa for around $300,000 all-in, less than a quarter of Sydney’s median dwelling value. What began as an opportunity to combine holidays and investment among friends, has since grown into a successful short-stay accommodation venture with the first villa booking out so consistently, they have since built four more nearby. MORE: Albo’s $120m for flatpack suburbs by 2036 Mr Jones with his friends on the vacant block before building 2022 “We set up an Indonesian company with foreign shareholders, we got it all set up properly, legitimately and legally, all those things, which is really important and once we completed that thee-bedroom, three-bathroom villa, it was renting out well,” he said. “We were very happy with the quality, the construction quality, architect, lawyer, accountant, neighbours, property agent, all our partners we were very happy with these...